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Canal Plus's Shares Surge 21%
On Support for Internet Venture

PARIS -- The market may be struggling to value French pay-television group Canal Plus's joint venture with Vivendi and Vodafone, but investors aren't waiting. They're buying.

Under the alliance, called MAP, Canal Plus SA, its parent company Vivendi SA and British telecommunications giant Vodafone AirTouch PLC will create a Europe-wide multi-access Internet portal. The venture would give customers access to a range of telephone,...